BANKS-DETECTIVES 2 LAST

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PTI

June 19, 2016

UPDATED: June 19, 2016 09:50 IST

As per a fee chart prepared by a leading bank, it will

As per a fee chart prepared by a leading bank, it will pay Rs 7,500 (in a single case) to the snoop agency for providing data about people connected to the defaulter like the borrower, guarantor or director of the firm.

In case the detectives get documentary proof of assets (not in records of the banks) of the defaulter which can be attached, an amount of Rs 20,000 for each such property located will be paid.

"We have collected property papers worth hundreds of crore against such defaulters in the past. This is a very specialised job and we have deployed some of our best agents for the task," Director of a Delhi-based snoop firm Hatfield Detectives Pvt Ltd Ajit Singh said.

Banks have also sought from these agencies, as per the scope of work agreement, some non-traditional sources of information against the defaulters which the bank "cannot access by utilising normal channels like CIBIL database, internet and local enquiries."

An agreement brought out by one of the banks states that private sleuths need to "locate the borrower, co-borrower, guarantor, mortgagor, including their legal heirs who are either untraceable or not available at the addresses given in banks records."

Detectives also need to "ascertain latest information about their present address, occupation, businesses, income streams, details of all their assets, their location, whether in India or abroad, and value and ownership related information."

"Government investigative agencies like police, CBI, Income Tax department or the Enforcement Directorate have their limitations. Banks also have manpower issues in their special debt recovery units. Getting private detectives on board will surely get us the desired results as past experiences have not been bad in this domain," the banker said. PTI NES SK BSA

This is unedited, unformatted feed from the Press Trust of India wire.

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